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Economy and Business

Northeast Ohio businesses making record profits
Analyst says housing is picking up is a part of this trend

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Many of Northeast Ohio’s biggest businesses are beating analysts’ expectations and posting record profits and-or sales for the first quarter.

Included in the list are Fortune 500s such as Eaton, Parker Hannifin, Timken, Diebold and Lincoln Electric.

Sherwin-Williams’ profits jumped the most with a 47 percent increase. Analyst Peter Klein of Fifth Third Asset Management says that’s evidence the recovery is spreading beyond heavy manufacturing.

Klein on recovery and 1st quarter earnings

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SCHULTZE extended summary of the recovery reflected in earnings

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“Housing is starting to pick up a little bit, certainly the services that go into house, certainly the services. …  Sherwin Williams certainly has been very strong. So there’s a whole host of categories that have been very strong over the past several quarters and is starting to sort of take hold now that we’ve seen some of the supporting characteristics starting to develop.”

 Klein says those characteristics include an improving job picture.

 Mayfield Village-based Progressive reveals its earnings numbers Thursday. FirstEnergy, based in Akron, plans to report its figures Tuesday.

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